FTX and Emergent reach a settlement over $606 million of Robinhood shares, the former will pay the latter $14 million in administrative fees

Bankrupt cryptocurrency exchange FTX has reached an important agreement with Emergent Technologies on the ownership of Robinhood shares. According to legal documents filed by FTX CEO John Ray III with the Delaware Bankruptcy Court on September 6, 2024, FTX will pay Emergent $14 million to resolve the latter's administrative expenses for withdrawing 55 million Robinhood shares and related cash claims. Public information shows that Emergent acquired approximately 56 million Robinhood shares through an agreement with Sam Bankman-Fried and Alameda Research in May 2022, which was valued at approximately $600 million at the time. After the collapse of FTX, the U.S. Department of Justice seized these shares in accordance with the law in January 2023. Subsequently, FTX, BlockFi, Bankman-Fried and Emergent and other parties have claimed ownership or interests in these shares. On September 1, 2023, the above shares were repurchased by Robinhood for approximately US$606 million. (Cointelegraph)